Bad Real Estate Agents. Unfortunately they’re out there. There are those that lack training. Those with limited experience. Poor local community knowledge. Zero negotiation skills. Pushy sales techniques.
Not every agent is a bad apple. Many are ethical, informed and professional. Genuinely intent on finding the best possible outcome for their clients.
So, what makes a Bad Agent?
We’ve identified some of the common, underhand tactics of bad real estate agents, that you don’t want to be known for:
1. Pumping the Guide Price
An estate agent may initially post a property at a price lower than value, in order to attract offers. Then pump the price up once they have qualified buyers in hand. This practice can backfire on the agent. Rendering their reputation in tatters.
2. Betraying Trust
Home buying is an expensive and emotive affair.It’s therefore inevitable that buyers and sellers will open their hearts to their trusted agents. Estate agents are famously chatty.
Some, will abuse their client’s confidence. Taking information they glean, and using it to their benefit. Much like Karma, that betrayal of trust will come back to haunt them.
3. Creating a Riot
There are people in life who thrive on drama. Granted, it is the estate agent’s job to get the highest price possible for a property. But encouraging a bidding war and gazumping buyers, ultimately hurts all parties involved.
A milder alternative is to invite sealed bids. That prompts buyers to pitch in with their highest possible offer. And the highest offer wins. All’s fair in love and…
4. The Non-Existent Offer
Even more serious than playing buyers off against each other, is the practice of making up non-existent offers to try and persuade bidders to raise their price.
It’s unprofessional, unethical and particularly damaging both financially and emotionally.
5. False Reassurance on Home Surveys
Misrepresenting a property’s structural or economic condition to a buyer or a tenant, is unfortunately a practice some agents are known for.
Declare any information you have about a property’s condition. Even if that information isn’t favourable to your deal. You may lose the deal, but you will maintain your integrity and win a long-term relationship with your client.
6. The Not-So-Straight Shooter
Sellers will seek multiple opinions on the value of their home, before appointing an agent. Valuing real estate is a combination of both science and art. The price will vary between estate agents.
Some agents will be price bullish to appeal to the seller’s wallet. Some will be price-bearish, in order to lower, and then exceed expectations. Neither are wrong. But there are those agents who knowingly deceive their clients. Avoid being one of them. Be communicative, transparent and ethical in your marketing strategy.
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